The Perfect Formula for Lower Costs, Better CX, Growth & Profitability: Embedded Insurance
This article is part of The Future of Insurance -LinkedIn's Newsletter Series. Click on "subscribe" button above, to get updates on technology, customer & employee experience, future of insurance and industry trends!
Welcome to another edition! This one is a video-interview of my conversation about the future of insurance industry and specifically the opportunities around embedded insurance with Simon Torrance. Simon is a senior advisor to leadership teams and executives around business model transformation, and he works with the World Economic Forum on broader topics.
Simon and I discussed the Embedded insurance and the market opportunity, from 4 different perspectives; market opportunity, distribution, technology and customer experience (CX). You will definitely see the potential and various opportunities for us, the insurance professionals, to collaborate and deliver an improved experience for our customers, lower our internal costs, generate growth and more profitable business thanks to a combination of things. You can watch the video here:
Simon recently published his analysis about the overall market opportunity on Embedded Insurance. It's called "Embedded Insurance: a $3 Trillion market opportunity, that could also help close the protection gap". I strongly suggest you read it, as it gives great insights.
Some questions I asked Simon include;
- Market opportunity: You published an analysis of Embedded Insurance and it’s a $3 Trillion market opportunity. Can you describe what embedded insurance is and its place in the industry in 10 years?
- Insurance Distribution: Embedded insurance naturally changes the insurance distribution playbook, but does this mean that retail agents and brokers are being replaced by embedded strategy, or is there a collaboration opportunity?
- Technology: What is the role of technology in embedded insurance strategies? For insurance companies, it’s been a great challenge to keep up with the digital strategies of today. How do you see this playing out from a tech perspective?
- Customer Experience (CX): The most important part of this is the end customers, the consumers… what changes and benefits do you see for them, as they see embedded insurance more and more?
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CEO at Stere, Founder at Nion, Ex-Allianz, LinkedIn Creator
3 年In case you haven't seen the announcement this week from Google Cloud, Allianz and Munich Re (Group)... It's a great example of #CX and product #innovation, and kind of a #partnership that will shape the future of insurance ?? Congrats Monica Shokrai, Jody Yee and the whole team that made this happen ?? https://www.agcs.allianz.com/news-and-insights/news/agcs-google-cloud-munich-re-cyber-risk-management.html?cid=linkedin&cid= Allianz Global Corporate & Specialty (AGCS)
Patrick Wirth you and Dogan Kaleli should connect. Two of the more entrepreneurial minds in insurtech I’ve met.
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3 年Really interested to hear about it too from so many different perspectives like this! Thanks for sharing this! I'll definitely be giving it a read
Marketing leader. Behavior designer. Speaker. Influence narrator. Neuromarketer. I leverage social neuroscience to help clients cut through the noise, accelerate audience action, and foster thriving communities.
3 年Inspiring! Great work you two!